The Federal Government has taken legal action against Binance, a prominent cryptocurrency exchange platform.

The charges, formally lodged at the Federal High Court in Abuja, were announced by the Federal Inland Revenue Service (FIRS).

The lawsuit implicates Binance with a four-count tax evasion accusation.

Accompanying the crypto company as second and third defendants in the suit are TIGRAN GAMBARYAN and NADEEM ANJARWALLA, both senior executives of Binance currently held in custody by the Economic and Financial Crimes Commission.

The charges levelled against Binance include allegations of non-payment of Value-Added Tax, Company Income Tax, failure to file tax returns, and complicity in aiding customers to evade taxes through its platform.

Furthermore, the Federal Government accuses Binance of neglecting to register with FIRS for tax purposes and contravening existing tax regulations within the country.

One of the counts in the lawsuit pertains to Binance’s purported failure to collect and remit various categories of taxes to the federation, as stipulated by the FIRS Establishment Act.

The Federal Government says it remains steadfast in its commitment to ensuring compliance with tax regulations and combating financial impropriety within the cryptocurrency sector.